Thursday, May 15, 2014

Why is the White House backing Bank of America's $9 million man?

I'm not big on online petitions but this was sent by a politician in the House (Democrat) so we'll include it:

Why is the White House backing Bank of America's $9 million man?

The petition reads:

"President Obama: The $9 million bonus paid by Bank of America
to Stefan Selig as he left the mega-bank to enter government service
might not be illegal, but it is scandalous. You have a duty to stop the
corrupt revolving door between big business and government. Withdraw Mr.
Selig's nomination and instead nominate someone who will give us
confidence that our trade policy isn't being bought and sold."

Add your name:

Dear Alan,

When former Wall Street banker Stefan Selig was nominated for a
senior Commerce Department role that is central to trade negotiations,
Bank of America (where he worked at the time as a top executive) paid
him a special $9 million "exit" bonus.1
Even for those of us used to the obscene spectacle of corruption
known as the revolving door between government and big business, this is
both eye-popping and scandalous.Let's be clear, the $9 million was not a normal yearly bonus.
It was an extra bonus on top of a $5.1 million incentive bonus given to
him for his job performance. And it was given to him right as he was
poised to gain the power to write Bank of America's interests directly
into our trade agreements.Tell President Obama: Stop the revolving door. Withdraw the Selig nomination. Click here to sign the petition.
Even the strong appearance of corruption can damage confidence in our
democracy -- it doesn't have to be proven to be a quid pro quo
relationship. This nomination and Selig's "exit" bonus of $9 million
clearly crosses that line.
If confirmed, Selig would play a major role negotiating the
Trans-Pacific Partnership (TPP), which is already little more than a
secret corporate power grab masquerading as a "trade" deal.
Senator Elizabeth Warren warned last year that trade deals like the
TPP could provide an opportunity for "banks to get something done
quietly out of sight that they could not accomplish in a public place
with the cameras rolling and the lights on."2
Indeed, leaked chapters of the TPP included provisions that would
majorly hamstring the ability of governments to stem the next banking
crisis.3
Other provisions would allow multinational corporations to sue
governments in foreign courts that are staffed by corporate lawyers when
governmental regulations cut into corporate profit.4
It's bad enough that these anti-democratic, pro-corporate provisions
are being considered behind a veil of secrecy as part of a process that
has been deemed classified by our government. Allowing Mr. Selig to play a key role in the negotiations
going forward would raise a real question about whether our trade policy
is being bought and paid for. President Obama has a duty to prevent
this from happening.Tell
President Obama: Don't let Bank of America's $9 million man help write
the TPP. Withdraw the Selig nomination. Click here to sign the
petition.
President Obama can't deny the harm that comes when the American
people don't have faith that our government officials are working for us
-- not their future or former employer.
When he was running for president, Barack Obama highlighted the
corrupt nature of the revolving door and campaigned repeatedly on the
need to stop it.
But his efforts in this respect have largely focused on registered
lobbyists, and even then the results have been uneven at best. And his
nominations for trade-related positions have completely missed the mark.It's bad enough that the current U.S. Trade Representative
Michael Froman received more than $4 million from Citigroup when he left
that Wall Street bank to join the administration in 2009.5If the White House continues pushing the nomination of Stefan
Selig after this more recent revelation, it would be a clear signal
that the appearance of corruption has dropped off the list of concerns
for President Obama.Tell President Obama: Withdraw the Selig nomination. Click the link below to sign the petition:http://act.credoaction.com/sign/obama_selig
Thank you for speaking out.
Matt Lockshin, Campaign ManagerCREDO Action from Working Assets

About Me

We do not open attachments. Stop e-mailing them. Threats and abusive e-mail are not covered by any privacy rule. This isn't to the reporters at a certain paper (keep 'em coming, they are funny). This is for the likes of failed comics who think they can threaten via e-mails and then whine, "E-mails are supposed to be private." E-mail threats will be turned over to the FBI and they will be noted here with the names and anything I feel like quoting.
This also applies to anyone writing to complain about a friend of mine. That's not why the public account exists.